San Francisco – Dolby Laboratories’ revenues for the first quarter of fiscal 2014 fell 2.3 percent to $231.1 million but nonetheless exceeded projections, the company announced.

“We're pleased to report that 2014 is off to a strong start with first quarter revenues higher than originally projected and a great reception to the introduction of Dolby Vision at the Consumer Electronics Show,” said president/CEO Kevin Yeaman. “We are excited about our pipeline of new offerings and are confident they will contribute to long term growth."

First-quarter GAAP net income for the period ending Dec. 31 was down 13.3 percent to $44.5 million compared to the year-ago quarter.

For the second quarter, the company estimates total revenue will range from $240 million to $250 million compared to the prior year’s $249.3 million. Gross margin percentages are projected to range between about 90 to 91 percent on a GAAP basis.

For the full fiscal 2014 year, Dolby expects revenue will range from $910 million to $940 million compared to 2013’s $909.7 million and 2012’s $933 million.